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Sage Therapeutics Tanks 17% Despite Positive Data From Late-stage Trial Of Depression Treatment

Shares of Sage Therapeutics, Inc. (SAGE) tanked over 17% on Wednesday morning despite the company reporting positive clinical data from a late-stage study of depression treatment.

SAGE is currently trading at $36.13, down $7.37 or 16.94%, on the Nasdaq.

Sage Therapeutics and Biogen Inc. (BIIB) said that the phase 3 CORAL study in people with major depressive disorder met its primary and key secondary endpoints. The study compared Zuranolone 50 mg co-initiated with Standard of Care Antidepressant vs. Standard of Care Co-initiated with Placebo in People with major depressive disorder.

At the Day 3 primary endpoint, zuranolone 50 mg co-initiated with a standard of care antidepressant showed a statistically significant reduction in depressive symptoms.

The company said it remains on track to start the rolling submission for a New Drug Application in major depressive disorder early this year with completion targeted for the second half of 2022.

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